Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How to make Statement of Comprehensive Income using excel TRUBLESE MULTI-STEP METHOD The nominal accounts of Hazel Lee Co on December 31, 20x1 have the
How to make Statement of Comprehensive Income using excel
TRUBLESE MULTI-STEP METHOD The nominal accounts of Hazel Lee Co on December 31, 20x1 have the following balances: Accounts Dr. Sales P1,045,000 Interest income 80,000 Gains 30,000 Inventory, beg P80,000 Purchases 300,000 Freight-in 30,000 Purchase returns 15.000 Purchase discounts 27,000 Freight-out 25,000 Sales commission 60,000 Advertising expense 35,000 Salaries expense 350,000 Rent expense 60,000 Depreciation expense 80,000 Utilities expense 40,000 Supplies expense 30,000 Transportation and travel expense 25,000 Insurance expense 10,000 Taxes and licenses 50,000 Interest expense 5,000 Miscellaneous expense 2,000 Loss on the sale of equipment 15,000 Additional information: Ending inventory is P100,000 b. Three-fourths of the salaries, rent, and depreciation expenses pertain to the sales department. The sales department does not share in the other expensesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started